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Chambana Sun

Sunday, November 24, 2024

Former state university employee Cetin paid in $97K to pension fund, could collect $1.26M in retirement

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Former state university employee Patricia Cetin, who retired in June 2017, saved $97,115 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cetin would collect as much as $1.26 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Cetin received $26,492 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Cetin will have already received $110,834 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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